The year 2025 witnessed billions of dollars in major crypto funding across top deals, with Naver Financial’s acquisition of Dunamu for $10.3 billion leading theThe year 2025 witnessed billions of dollars in major crypto funding across top deals, with Naver Financial’s acquisition of Dunamu for $10.3 billion leading the

Crypto VC Funding annual recap 2025: Dunamu tops $10.3 billion in historic year

The year 2025 witnessed billions of dollars in major crypto funding across top deals, with Naver Financial’s acquisition of Dunamu for $10.3 billion leading the list.

Summary
  • Crypto funding in 2025 was led by massive M&A deals worth billions.
  • Naver Financial’s $10.3B acquisition of Dunamu was the year’s biggest deal.
  • Exchanges and trading platforms dominated the largest crypto transactions.

M&A activity dominated the largest transactions throughout 2025. Exchanges, derivatives platforms, and infrastructure providers led multi-billion dollar valuations.

Here’s a breakdown of this week’s crypto funding activity as per Cryptofundraising data:

Dunamu

  • Dunamu acquired for $10.30 billion through M&A in November 2025
  • Acquired by Naver Financial
  • Largest crypto deal of 2025

DigitalBridge

  • Acquired for $4 billion through M&A in December 2025
  • Acquired by SoftBank

Deribit

  • Deribit was acquired for $2.90 billion through M&A in May 2025
  • Acquired by Coinbase

Binance

  • Raised $2 billion in an unknown round in March 2025
  • Investment was backed by MSX

Polymarket

  • Raised $2 billion in an unknown round in October 2025
  • Fully diluted valuation of $9 billion
  • Backed by ICE

NinjaTrader

  • Acquired for $1.50 billion through M&A in March 2025
  • NinjaTrader was acquired by Kraken

Hidden Road

  • Hidden Road was acquired for $1.25 billion through M&A in April 2025
  • Acquired by Ripple

Circle

  • Raised $1.10 billion through IPO in June 2025

Bullish

  • Raised $1.10 billion through public sale in August 2025
  • Fully diluted valuation of $5.41 billion

Kalshi

  • Raised $1 billion in an unknown round in November 2025
  • Fully diluted valuation of $11 billion
  • Backed by Sequoia, CapitalG, and AI6Z

Funding under $1 billion

  • Mara Holdings, $950 million in an unknown round (July 2025)
  • Figure, $787.50 million through IPO (September 2025)
  • Verb Technology (TON Strategy Co.), $558 million in an unknown round (August 2025)
  • PumpFun, $500 million in a public sale with $4 billion FDV (July 2025)
  • Rapyd, $500 million in a Series F round (September 2025)
  • Tempo, $500 million in a Series A round with $5 billion FDV (October 2025)
  • Ripple Labs (XRP), $500 million in a strategic round with $40 billion FDV (November 2025)
  • Kraken, $500 million in an unknown round (September 2025)
  • IREN (ex Iris Energy), $450 million in a private round (June 2025)
  • Mili City Ventures III, $450 million in an unknown round (August 2025)
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